资产配置日报：资金预防性收紧，莫慌-20250612

Market Overview - On June 12, the equity market showed sideways fluctuations with major indices experiencing minor changes: Shanghai Composite Index increased by 0.01%, while the CSI 300 decreased by 0.06%[2] - The bond market saw a general upward trend in yields due to tightening liquidity, with the 10-year government bond yield rising by 0.3 basis points to 1.65%[4] Commodity Performance - Gold prices continued to rise, with London gold increasing from $3,360 to $3,380 per ounce, and New York gold rising from $3,380 to over $3,408 per ounce[3] - Domestic commodities showed weakness, with coking coal, rebar, and iron ore prices falling by 2.79%, 0.70%, and 0.21% respectively[3] Liquidity and Monetary Policy - The central bank continued to withdraw liquidity, with a net withdrawal of 72 billion yuan on June 12, totaling a net withdrawal of 1,402 billion yuan from June 9 to 12[4] - Overnight rates increased slightly, with R001 and R007 rising to 1.43% and 1.58% respectively, indicating a cautious market sentiment[4] Equity Market Trends - The overall trading volume in the A-share market was 1.30 trillion yuan, an increase of 169 billion yuan from the previous day[7] - Small-cap stocks outperformed, with the CSI 2000 and the Wind Micro-cap Index rising by 0.26% and 1.36% respectively, indicating a shift towards smaller market capitalizations[8] Sector Highlights - The technology sector showed mixed results, with the STAR 50 index down by 0.30% while the STAR 100 and STAR 200 indices rose by 0.44% and 0.38% respectively[9] - The healthcare sector saw the Wind Innovation Drug Index increase by 2.32%, reflecting strong performance from leading pharmaceutical companies[9] Investment Strategy - The current market environment suggests a cautious approach, with a focus on sectors that are undervalued and have strong logical support for investment[11] - The TMT sector's crowdedness has increased since late May, indicating potential for a rebound, but requires further narrative strengthening to sustain growth[11]